Primecap Management Co. CA Makes New $2.83 Million Investment in Tapestry, Inc. $TPR

Primecap Management Co. CA purchased a new position in Tapestry, Inc. (NYSE:TPR) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 19,300 shares of the luxury accessories retailer’s stock, valued at approximately $2,825,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cetera Trust Company N.A bought a new stake in shares of Tapestry during the second quarter valued at about $26,000. Keating Financial Advisory Services Inc. bought a new position in shares of Tapestry in the second quarter valued at approximately $31,000. Acumen Wealth Advisors LLC bought a new position in shares of Tapestry in the fourth quarter valued at approximately $28,000. Virtus Advisers LLC purchased a new position in Tapestry during the second quarter valued at approximately $32,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Tapestry during the fourth quarter valued at approximately $32,000. 90.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on TPR shares. JPMorgan Chase & Co. increased their target price on shares of Tapestry from $205.00 to $211.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Wells Fargo & Company decreased their price target on shares of Tapestry from $165.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Robert W. Baird lifted their price target on Tapestry from $160.00 to $165.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Citigroup boosted their price objective on Tapestry from $165.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Finally, Barclays upped their price objective on shares of Tapestry from $182.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

Insider Activity at Tapestry

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the transaction, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company’s stock.

Tapestry Trading Down 0.0%

NYSE TPR opened at $130.06 on Thursday. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. The stock’s 50-day simple moving average is $144.05 and its two-hundred day simple moving average is $144.81. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80. The company has a market capitalization of $25.93 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 1.65 and a beta of 1.43.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. The firm had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Research analysts forecast that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, September 4th. This is an increase from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. Tapestry’s dividend payout ratio (DPR) is 21.95%.

Tapestry Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.